Nigeria holds main interest rate at 14 percent, vows to assist manufacturers with FX

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Nigeria’s central bank held its benchmark interest rate at 14 percent on Tuesday, and kept its cash reserve ratios for commercial banks at 22.5 percent, governor Godwin Emefiele said.

The rate decision matched the view of most economists polled by Reuters last week.

Also the central bank promised to continue to provide hard currency with priority given to manufacturing industries needing to import raw materials and spare parts, its central bank governor said on Tuesday.

Godwin Emefiele also told reporters the bank would “from time to time” intervene in the forex market to ensure the (official) exchange rate did not go beyond its expectations. He did not elaborate.

 

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